Public sector lender Dena Bank has raised Rs. 65 crore by issuing over 2 crore shares to Life Insurance Corporation (LIC) on a preferential basis. Andhra Bank also said it has sold an over 4.23 percent stake to LIC on a preferential allotment, without disclosing the amount.
- Post-acquisition of additional shares in Dena Bank, LIC’s stake in the lender has gone up to 14.5 percent from 11.63 percent earlier, Dena Bank said in a regulatory filing on Wednesday.
- Andhra Bank said it has sold over 4.23 percent stake equivalent to 28,853,210 shares to LIC on a preferential allotment. The price per unit at which Andhra Bank sold shares to LIC was not provided.
- After the additional stake buys in Andhra Bank, LIC holds more than 14.39 percent in the lender, from over 10.15 percent earlier.
Did You Know?
- Dena Bank, headquartered in Mumbai, is owned by the Government of India, and as per latest data the total branch network stands at 1,773 and plans to open 404 new branches in FY 2015-16.
- The bank was founded in 1938 and the Indian government nationalized it in 1969.
- Dena Bank was founded on 26 May 1938 by the family of Devkaran Nanjee under the name Devkaran Nanjee Banking Company.
- It adopted its new name, Dena Bank (Devkaran Nanjee) when it was incorporated as a public company in December 1939.
- Dr. Bhogaraju Pattabhi Sitaramayya founded Andhra Bank in 1923 in Machilipatnam, Andhra Pradesh.